NZDUSD awaits the confirmation of the positive pattern – Analysis - 21-08-2017

The NZDUSD pair fluctuates around the neckline of the inverted head and shoulders' pattern that its signs appear on chart, waiting to confirm breaching this level –located at 0.7330- to activate the positive effect of the mentioned pattern followed by rallying towards achieving positive targets that reach to 0.7455 followed by 0.7558 on the short term basis.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions, supported by the EMA50, noting that breaking 0.7275 will push the price to extend its bearish correction and head towards 0.7187 and might extend to 0.7100 before any new attempt to rise.

Expected trading range for today is between 0.7250 support and 0.7420

Expected trend for today: Bullish